A. M. 
ECLAC has proposed a reconceptualization of the economy to boost development in Latin America and the Caribbean, noting that many countries in the region face significant challenges with their current strategies to reduce development gaps. According to ECLAC, there are three development traps affecting the region: the low growth capacity trap, the high inequality and low social mobility trap, and the low institutional capacity and weak governance trap.
To address these problems, ECLAC suggests the need for a new vision in the formulation of productive development policies. These policies should focus on three interrelated objectives to be effective: increasing the productivity of the economy, fostering inclusiveness in employment and ensuring a green and sustainable growth trajectory. Diversification and technological sophistication of the productive system are crucial to achieve more dynamic and transformative economic development.
In terms of inclusiveness, it is essential to create more and better jobs that benefit a larger segment of the population, thus contributing to greater social cohesion and reducing inequality. At the same time, priority should be given to economic growth that respects the principles of environmental sustainability, to ensure that progress does not compromise the resources and well-being of future generations.
ECLAC also stresses the importance of effectively managing these transformations, pointing out the need to strengthen technical capacities in data management and statistics. The ability of countries to plan and evaluate their policies depends to a large extent on the quality and accuracy of the information available.
One of the issues highlighted is the negative impact of the brain drain in the region. The loss of highly skilled labor, resulting from education and training systems that do not adequately meet the needs of the population, represents a significant obstacle to economic and social development. ECLAC calls for the improvement of these systems to retain and make better use of local talent.
